7 years IME. Once you're within 3 months of that 7 year deadline. You can contact the CBs and request to have it removed. Your score will jump 80 to 100 points when they do. May of 2019 is D-day. I got lucky, (EX) removed it a year early. That helped me with the lenders that primarily pull EX tremendously!
@CA4Closure wrote:Preface: Foreclosure (was evicted from home 10/31/2011. According to credit reports, the account was 'paid off' May 2012). I am assuming the ticker starts from that date. One late payment 2010. Oldest account 17 years (Capital One). Utilization <1%.
Fast forward to today. I have been rebuilding my credit since 2012. My current FICO is 739 (Discover). Citi Costco FICO score is 765. Capital One FICO is 748.
I presume the Discover score is the most accurate. I have been looking at the graph that Discover gives and starting in January 2017 it was 723. Then it bumped to hoovering in the 733-739 area since then yet my payment history is perfect. I had a Discover zero % APR promotion that will end in February where I spent $5,000 but paid that off in September 2017.
My question is: I have this foreclosure noose around my neck and read Experian's site that says foreclosure will stay on my record 7-10 years. This is what is hurting my FICO scores. So what is it? Does foreclosures fall off in 7 years or 10 years?
It is also affecting my CL (Credit Line) increases too. While others like Discover, Capital One and Citi are getting $5,000 CLI's I am only getting $300-$500. And the only great APRs I have is on my Capital One card at 9.9%. The others are well above the 14%> range. It is turning me off to credit at this point.
1. It's ok to be turned off to credit. Credit sucks.
2. Your scores are very good.
3. The Capital One score is not a FICO at all, it's a Vantage 3.0 score... meaningless. The Discover FICO is a FIC0 8 based on TU data, and is valid, although updated only once a month. I don't know about Citi Costco but my Citi Double Cash supplies a FICO Bankcard 8 score based on EQ data.
4. The passage of time helps your scores, so if you keep doing what you're doing your scores will keep going up.
5. Even when my TU FICO 8 was 811 Discover would only give me $300 CLI's; it's very random with them.
6. Don't worry about CLI's, they will come.
@Anonymous wrote:
@CA4Closure wrote:
I see big increases in CLIs on posters here. Discover is the one that pains me with only $300 CLIs every 6 months. The reconsider line is of no help.
Just sit tight and eventually the CLIs will likely come. People report night and day differences with Discover over time. Some go from no CLIs to big ones a year later, others go from huge CLIs to absolutely nothing for periods of nearly a year. It's really all over the place. One thing you could do is try switching up your spend. I'm not sure what your spend is, but you could try increasing it, or, you could try showing them "tough love" and not using it at all. Both changes in spending (increasing and decreasing) have resulted in people reporting a more favorable CLI result in the following cycle or two.
I've tried pretty much everything with Discover, been with them almost 3 years, and have perfect payment record, etc. When I first got the card my scores were probably in the neighborhood of 650. Since then my scores have risen as high as 811 on TU and the 790's on the other 2. Almost every CLI I got was $300. The highest I ever got was $500. I've come to the conclusion that their CLI practices are determined by a room full of monkeys on keyboards.
